Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if:
(a) an airport lease is granted to a company under section 21 or 22; and
(b) immediately before the airport was transferred to the Commonwealth under Part 2, the FAC was carrying out, or proposed to carry out, a project (within the meaning of the Development Allowance Authority Act 1992 ) at the airport.
(2) The Development Allowance Authority Act 1992 has effect, in relation to the project, to the FAC and to the company, as if section 49 of that Act were repealed and the following section were substituted:
" 49 Application for transfer
If:
(a) either of the following applies to the FAC (the transferor ):
(i) plant expenditure is registered in the name of the FAC;
(ii) the FAC holds a certificate in relation to plant expenditure; and
(b) the FAC has ceased, or proposes to cease, to carry out the project concerned; and
(c) the company (the transferee ) has taken over, or proposes to take over, the completion of the project (with or without modification); and
(d) either:
(i) the company has incurred, or proposes to incur, plant expenditure in carrying out the completion of the project (with or without modification); or
(ii) both:
(A) the company has incurred, or proposes to incur, expenditure in acquiring from the Commonwealth a unit of plant that was new in the hands of the FAC; and
(B) the acquisition has taken place, or will take place, in the course of the company's takeover, or proposed takeover, of the completion of the project (with or without modification);
the company may apply to the DAA for a transfer of the benefits of the registration or certificate, as the case may be.".
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